Mortgage interest tax relief scheme opens today

Fianna Fáil TD Robert Troy has urged PAYE workers to claim for tax relief on mortgage interest relief.

Deputy Troy’s Fianna Fáil party colleague, Finance Minister Michael McGrath, confirmed that as of today, January 31, claims for tax relief scheme for 2023 can be submitted through Revenue’s myAccount service.

More than 200,000 mortgage holders are eligible for the temporary one-year relief up to the value of €1,250. It was announced by Minister McGrath in Budget 2024.

The projected cost is €125 million on a one off basis.

The tax relief is at the standard rate of income tax and is based on the increase in interest paid in 2023 over interest paid in 2022.

Deputy Troy said: “I’m pleased to see that PAYE workers can now claim mortgage interest tax relief for 2023. Fianna Fáil is committed to addressing the impact of interest rate hikes on many mortgage holders. This one-off temporary measure, introduced in Budget 2024, will help more than 200,000 PAYE mortgage holders, many of whom have experienced increases in interest rates.

“I would encourage anyone who is eligible to claim the relief, which is valued at up to €1,250, to log on to myAccount on Revenue.ie and submit their claims.”

To claim this tax relief, taxpayers should file a 2023 Income Tax Return and upload their certificate of mortgage interest for 2022 and 2023, and confirmation of their mortgage balance at 31 December 2022.

The easiest way for PAYE taxpayers to claim the relief is to log into ‘myAccount’.

Self-assessed taxpayers will be able to claim the relief in mid-February.